xHashtag AMA Recap
xHashtag is a Play-to-Earn DAO for Future Of Work. The platform allows users to earn crypto by completing simple marketing, on-chain, and creative quests.
On November 19, Monica, CEO of xHashtag joined us to answer our questions.
Monica, CEO of xHashtag
I have been in the crypto space for over 4 years now and have built various interesting products including DEXs and CEXs (derivatives). My recent experience is with Router Protocol and Dfyn Network, where I was their Chief Technical Architect.
Questions from the CryptoRank team
#1. Can you tell us about xHashtag? What problems do you solve, both in the space and for the community?
Monica: – At xHashtag, we are building a DAO for Future Of Work where projects can leverage community talent to accelerate community growth by rewarding valuable actions in their own $tokens From a user’s perspective, xHashtag offers a way to earn crypto rewards for completing an array of on-chain and off-chain activities, while for the project, it presents a way to effectively increase off-chain and on-chain engagement on a daily basis through tokenized rewards.
#2. Could you briefly describe the milestones xHashtag has achieved, and about your upcoming plans?
Monica: – We ran our Proof Of Concept for our own project and it has been largely successful. We were able to increase our community size to more than 96k on Twitter and 115k on Telegram. Apart from that, we have concluded our fundraising with over $2.6 Million raised across 2 rounds through great backers. Our IDO is coming up next week on 26th Nov on https://solrazr.com/projects/xhashtag
We are also planning to extend our community accelerator tool to support other web3 projects in the space and grow their community, not just a one-time growth, but also support them through daily engagement in return for incentives in their own tokens. In 2022, we are working towards enabling a custodial wallet solution that will smoothen the onboarding process and increase user adoption. We will also be supporting multiple blockchains, including BSC, Polygon, Avalanche, in addition to Solana.
Questions from Twitter
#1. How will users who own XTAG shares earn rewards on the platform? Can we win an award for every content, how is the reward done?
Monica: – While staking isn’t mandatory for a casual user of the platform who simply wants to participate in campaigns without investing, staking XTAG tokens in varied quantities actually reduces the delay between the campaign initiation and when the user is actually able to participate in the task. This means a staked user is able to earn more because, by the time a campaign actually reaches the unstaked user, the campaign might have run out of budget. Every task on the platform will have a reward associated with it. When a campaign creator creates the task, they’ll fund the campaign with their native $tokens, and it’ll be locked in a smart contract. If users complete the tasks successfully, and if approved by other staked users of the xHashtag DAO, the reward is automatically processed by the smart contract.
#2. Will stakeholders be able to vote for proposals on the platform in xHashtag? Is it enough to stake XTAG tokens to participate in the DAO?
Monica: – Yes, xHashtag DAO is run by the users who hold XTAG tokens. If there are any improvement proposals, which we call XDP – xHashtag Development Proposals, users would be requested to vote on them, and if the majority wins, the DAO will implement that change.
#3. You say that xHashtag tokens can be used as collateral while enjoying additional rewards for community microtasks. Can you comment on exactly what kind of “microtasks” users must perform to earn these rewards? what do they consist of?
Monica: – Users on our platform can stake various project tokens and receive an equivalent amount of liquid stake tokens. For example, if you stake $DOG, you’ll receive xDOG. This feature has been put in place so that buy pressure is created for tokens of our clients, and they can give a multiplier on rewards for users who hold these liquid stake tokens. In our example, if you hold 5 xDOG tokens, you’ll receive double the reward for the same task when compared to unstaked user. Since xDOG tokens are 100% backed by $DOG tokens, users can also use xDOG as collateral against which they can borrow loans.
Microtasks could be simple tasks that could be on-chain tasks such as making a transaction on a play-2-earn game or an off-chain task such as voicing your opinion about the project’s recent medium post. The users are incentivized by projects to complete these tasks using project $tokens of the campaign initiator. Through xHashtag, Web3 projects can achieve smooth token distribution and decentralization with high ROI.
Questions from Telegram
#1. Is your platform global or is there any restriction to certain regions?
Monica: – Our platform is global, however, each campaign creator is free to choose the kind of audience they wish to accept submissions from, and location could be one of the filters. On our official interface, users will only see the campaigns that they’re eligible for.
#2. I’m a little confused bout xHashtag being a P2E and then a DAO. I read about you so clarify for me, do token holders get to vote on who gets rewards for completing tasks or just how xHashtag should be run. So do you currently have any major upcoming projects lined up to be hosted on your platform?
Monica: – For every task that is submitted, if the verification cannot happen automatically (in the case of complex tasks), then the users from the DAO will be summoned. The users who have staked XTAG will be eligible to review the submissions., for their time, they will be compensated as well. Additionally, users will also be able to decide how xHashtag must evolve in the future by voting on the DAO proposals.
Regarding Play-to-Earn, the way the tasks are presented to users will be gamified so that it’s more fun than just completing tasks. To avoid confusion, games don’t necessarily need to have graphics. A board game is also a game and is equally fun as other genres of games.
We have partnered with 3 projects already and more are incoming. Tasks from these projects will be hosted on our platform and users will start earning daily on @xhashtagio.
#3. I want to support your project, tell us more about the Ambassador Program, and in what ways can we participate?
Monica: – Yes, xHashtag will be having an ambassador program that will allow us to penetrate into regional markets in their native languages. We will be giving multiplied rewards to our ambassadors and other goodies. Here’s a link to our ambassador program: https://docs.google.com/forms/d/e/1FAIpQLSdVuk60V7YeYIdxU8XDgsVy5NBFaYmHH24br8zp3nQ6t-QtOA/viewform